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Friday, 18 November 2016

Gold prices fell Rs 160 to Rs 28,880 per 10 gram in futures trade today as participants cut down their bets amid a weak global trend. At the Multi Commodity Exchange, gold prices for delivery in far-month February fell by Rs 160, or 0.55 percent, to Rs 28,880 per 10 gram, in a business turnover of 94 lots. Also, the metal for December delivery declined by Rs 155, or 0.53 percent, to Rs 28,976 per 10 gram, in 523 lots.

Analysts attributed the fall in prices to weak trends overseas as dollar strengthened after hints of rate hike in December by US Federal Reserve Chair Janet Yellen, eroding demand for the safe-haven precious metals. Meanwhile, gold was trading 0.67 percent down at USD 1,208.20 an ounce in Singapore today.

Gold prices eased on Friday after touching their lowest in over five months the session before, dragged down by a stronger US dollar and after Federal Reserve Chair Janet Yellen bolstered the case for raising interest rates next month.

FUNDAMENTALS :-

* Spot gold had slipped 0.2 percent to USD1,213.75 an ounce by 0036 GMT. In the previous session, it marked its lowest since June 3 at USD1,210.73, remaining on track for its second straight weekly decline.

* US gold futures were down 0.3 percent at USD1,213.40 per ounce.

* The dollar rose to a 13-1/2-year high against a basket of currencies on Thursday as the bond market resumed its sell-off on growing certainty of a US interest rate increase in December.

Thursday, 17 November 2016

At the Multi Commodity Exchange, gold for delivery in December rose by Rs 70 or 0.24 percent to Rs 29,390 per 10 gram in a business turnover of 129 lots. Read more Live Commodity Gold/Silver Market News at: www.marketmagnify.com/freetrial.php or Get Free Trials Just Give One Missed Call @78-79-88-11-22.

Gold prices rose by 0.24 percent to Rs 29,390 per 10 gram in futures trade as participants created fresh positions, tracking a firm trend overseas. At the Multi Commodity Exchange, gold for delivery in December rose by Rs 70 or 0.24 percent to Rs 29,390 per 10 gram in a business turnover of 129 lots. Likewise, the yellow metal for delivery in far-month February next year moved up by Rs 50 or 0.17 percent to Rs 29,156 per 10 gram in five lots.

Analysts said fresh positions created by traders in line with a firm global trend after gold snapped its biggest three-day drop in more than a year amid signs that prices fell too far, too fast and as the dollar weakened for the first time since last week's US presidential election, influenced the precious metal prices at futures trade. Globally, gold rose 0.11 percent to USD 1,229.80 an ounce in Singapore.

Donald Trump’s election, combined with Republican majorities in both the House and Senate, clearly marks a new direction for U.S. government policy. Firstly, let’s examine how markets reacted immediately following Trumps election – below is a snapshot of how certain commodities and major markets moved last week:

Dow Jones up 4.5%, copper up 10%, Nickel up 13%, Oil about even, Gold down 5.5%, Silver down 5%, and the 10-year Treasury yield up 20%.

Monday, 7 November 2016

Ten major oil and gas firms have set up a USD 1 billion fund to support the development of new technology to combat greenhouse gas emissions. The Oil and Gas Climate Initiative, to which Saudi Aramco, BP, ENI and Statoil have all signed up, announced Friday a commitment to spend USD 1 billion over the next 10 years on initiatives to reduce carbon emissions.

The investment will be applied to carbon capture, use and storage technology as well as to cut methane emissions. However, it does not include support for renewable energies, such as solar and wind. Oil prices rose by over 1 percent on Monday, pushed up by a statement from the producers’ club OPEC that it was committed to a deal made in September to cut output in order to prop up the market.

Brent crude futures were trading at $46.29 per barrel at 0705 GMT, up 71 cents, or 1.56 percent, from their previous close. U.S. West Texas Intermediate (WTI) crude futures were up 730 cents, or 1.66 percent, at $44.80 a barrel. The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) said on Monday the group was committed to a deal made in Algiers to cut output.

Monday, 19 September 2016

Indian Commodity market participants expecting big bang reforms from market regulator Sebi might be in for some disappointment. The commodity derivatives advisory committee (CDAC), at its July 22 meeting with Sebi officials, has proposed introduction of just two options in commodities --one agri and one non-farm.

Participants and brokers were expecting the launch of four -- gold, silver, guar and soyabean oil. Currently, only futures trading is allowed on commodity exchanges like MCX, NCDEX and NMCE. Crude has been dogged by a stubborn supply glut since late 2014, with prices hitting near 13-year lows at the start of this year. A previous attempt at a deal in April fell apart when Iran, which had just emerged from years of Western nuclear-linked sanctions, refused to take part.

Oil prices up on Libya unrest, hopes for output deal :- Key crude states are due to meet in Algeria next week to discuss the global supply crisis and overproduction that has hammered prices for two years.Oil prices edged up in Asia today as OPEC member Venezuela indicated a deal to limit output is close while fighting in Libya stopped it kick starting exports, but gains were limited by ongoing worries about a supply glut.

Monday, 12 September 2016

Crude oil futures edge lower on weak Asian cues :- Crude oil futures edged lower on MCX as speculators exited their position amid a weak trend in the Asian markets where oil prices tumbled again on a pick-up in drilling and a strong dollar as speculation swirled that the Federal Reserve could hike interest rates as soon as this month.

The contract for September delivery was trading at Rs 3021.00, down by 1.92% or Rs 59.00 from its previous closing of Rs 3080.00. The open interest of the contract stood at 19859 lots.The contract for October delivery was trading at Rs 3076.00, down by 1.85% or Rs 58.00 from its previous closing of Rs 3134.00. The open interest of the contract stood at 2625 lots on MCX.

Copper futures trade lower on MCX :- Copper futures traded lower on MCX as speculators indulged in reducing their positions, driven by lower demand from consuming industries at the spot market. Further, weak trend in the base metals pack at the London Metal Exchange (LME) too fuelled the downtrend.

The contract for November delivery was trading at Rs 311.40, down by 0.72% or Rs 2.25 from its previous closing of Rs 313.65. The open interest of the contract stood at 39631.00 lots.